1
EXHIBIT 11
WASHINGTON GAS LIGHT COMPANY
Computation of Earnings Per Average Share of Common
Stock Assuming Full Dilution from Conversion
of the $4.60 and $4.36 Convertible Preferred Series
(Unaudited)
For the Three Months Ended For the Six Months Ended
---------------------------------- ----------------------------------
March 31, 1995 March 31, 1994 March 31, 1995 March 31, 1994
--------------- --------------- -------------- ----------------
(Thousands, except per share data)
Net income $ 53,438 $ 54,958 $ 81,164 $ 85,210
Dividends on preferred
stock (excluding
dividends on convertible
preferred stock) 330 330 660 660
-------------- --------------- -------------- ----------------
Net income applicable
to common stock (1) $ 53,108 $ 54,628 $ 80,504 $ 84,550
============== =============== ============== ================
Average common shares
outstanding on a fully
diluted basis assuming
the conversion of the
outstanding shares of
the $4.60 and $4.36
convertible preferred
stock as of the beginning
of each period based on
the applicable conversion
price (2) 21,265 20,889 21,207 20,848
============== =============== ============== ================
Earnings per average
share of common stock
assuming full dilution (1) / (2) $ 2.50 $ 2.62 $ 3.80 $ 4.06
============== =============== ============== ================
===============
Note:
These calculations are submitted in accordance with the Securities Exchange
Act of 1934 Release No. 9083 although not required by footnote 2 to paragraph
14 of Accounting Principles Board Opinion No. 15 because no dilution
results.
14